Unlock the Secret to Crafting Compelling Core Values With This Step-by-Step Guide

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Extractive summaries and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Since September 2017 | Week 327 | December 15-21, 2023

Entrepreneurship Section 2

Unlock the Secret to Crafting Compelling Core Values With This Step-by-Step Guide

By Barry Raber | Entrepreneur Magazine | December 15, 2023

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Core values are the deeply ingrained principles that guide all of a company’s actions; they serve as its cultural cornerstones.  Your company’s core values should be authentic and unique to your company — not something you’d find on a Hallmark card.  Follow this step-by-step guide to help you create your company’s core values.

Brainstorm individual-centric values.  During these exercises, it is important to think in a broad sense, reaching beyond what you might traditionally think of as a personal value such as trust or respect.   Start by forming an ad hoc core values committee of four to eight people. Include the top leaders and maybe a rep from each primary level or department. Choose people you think would represent the company culture if they were asked to travel on a delegation to Mars. Meet offsite for half a day to brainstorm a set of possible core value choices.

Each person gets a stack of Post-Its to jot down answers and post on the wall. Working individually, answer each of the following questions with as many good ideas as you can:  What values do the people in the room have in common?  What existing values and desirable behaviors do you see in the company and its current culture?  What shared attitudes and behaviors exist that you want to preserve?  Now that the wall is covered with good ideas, combine the concepts that are very similar in meaning and choose.

Brainstorm business-centric values.  Next, take a look at the company’s tenets in previously created documents. These may include your vision or mission statement, strategic plan, core purpose or focus, “big hairy audacious goal” and brand promise.  Keeping the company’s tenets top-of-mind, ask these questions:  What key non-negotiables are critical to the success of these things? If we are going to do or be that, we definitely have to _____________ all the time.  What guiding principles are core to how we need to operate to match these?  What behaviors must prevail to make it all happen?  What are the No. 1, No. 2 and No. 3 things we need to consistently do or be to make this happen for our customers and team? And to deliver the value we are known for delivering to that customer?  Once again, group similar answers on one Post-It, vote and winnow down to the 10 best ideas.

In this second session, put the list of 20 ideas up on the dry-erase board or wall. Follow these steps:  narrow your list, Define each value, Select the top four or five, Share the list with your whole team, Meet again in a month, and Create a unique, branded document.

3 key takeaways from the article

1. Core values are the deeply ingrained principles that guide all of a company’s actions; they serve as its cultural cornerstones.  Your company’s core values should be authentic and unique to your company — not something you’d find on a Hallmark card.  
2. Follow this step-by-step guide to help you create your company’s core values.  It is important to think in a broad sense, reaching beyond what you might traditionally think of as a personal value such as trust or respect.  Next, take a look at the company’s tenets in previously created documents. These may include your vision or mission statement, strategic plan, core purpose or focus, “big hairy audacious goal” and brand promise.
3. Put the list of 20 commons from the two steps on the dry-erase board or wall. Follow these steps:  narrow your list, define each value, select the top four or five, share the list with your whole team, meet again in a month, and create a unique, branded document.

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Topics:  Entrepreneurship, Business, Core Values